4037: Petty Cash

The ESU office shall have a petty cash fund for the purchase of materials, supplies, services, or other ESU related goods and services in circumstances requiring immediate payment.

Fund Custodians. The amount of each fund will not exceed $300. The individual holding the following employment position shall be the custodian of the petty cash fund and shall administer and be responsible for them: ESU 4 Administrator, ESU 4 Treasurer, and the ESU 4 Administrative Assistant.

Petty fund disbursements may only be made with the authorization of the petty cash fund custodian or the administrator.

Documentation. All petty cash fund disbursements are to be supported by an itemized receipt or other sufficient evidence that documents the expenditure. The itemized receipt or supporting documentation shall include the name of the business, contact information, the date, a description of each item sufficient to give the board reasonable notice of the item purchased, and the price. Designated ESU personnel shall maintain the documentation for at least 10 years or as otherwise required by Schedule 24 – Local Agencies (General Records) maintained by the Nebraska Records Management Division. Employees shall maintain copies of any documentation submitted to the ESU. Expenses will be assigned to the proper budget account.

Unauthorized Purchases. In no event shall the petty cash fund be used for personal purchases, purchases that are not ESU related, alcohol purchases, or purchases that are not allowed by law. Such unauthorized use shall result in discipline, up to and including the end of employment. Individuals who make unauthorized purchases shall reimburse the ESU for the expense within ten days of the purchase or the discovery of the unauthorized purchase, whichever occurs first.

Purchase Review Procedures. The administrator, or his or her designee, and the ESU treasurer shall conduct independent reviews of petty cash fund expenditures on a monthly basis. Any unlawful or unauthorized expenditure or other discrepancy shall be brought to the attention of the offending employee, if any, and the board. The administrator or his or her designee shall provide the board at each regular meeting with petty cash fund documentation that includes a description of each item sufficient to give the board reasonable notice of the items purchased. Any unlawful or unauthorized purchase shall be addressed as provided by board policy or as otherwise allowed by law.

Reconciliation and Closeout. Each petty cash fund will be reconciled by the ESU treasurer and closed out at the end of the fiscal year. The petty cash fund will be reestablished by the board at its July meeting or at such other meeting as determined by the board.

Adopted on: February 12, 2019
Revised on: _______________
Reviewed on: ______________